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Compiling accurate and timely management information (MI) will be critical for dealers and lenders in fulfilling FCA’s new Consumer Duty responsibilities.
That is iVendi’s view that proving customer needs come first can only be achieved by having systems and processes in place.
Rob Severs, Senior VP Product and Insight in the motor retail technology group, said: “Management information will play a key role in helping lenders and retailers prove compliance and demonstrate continued improvement in Consumer Assignments.
“It provides data and insights to help better understand how good vehicle buyer outcomes are delivered and where improvements need to be made.”
Examples of MI that must be tracked for the motorcycle retail sector include the volume of rejections, complaints, customer feedback and sales review results, he said.
“It’s a question of identifying the right metrics for your business and introducing processes that ensure those metrics are accurately measured and monitored regularly, with clear lines of responsibility established. Our advice is for dealers and lenders to create a checklist to ensure that the MIs they put together meet the basic requirements.”
Rob concludes: “Tracking Consumer Assignments MI can potentially be done manually but, as with this kind of process, technology will deliver much more effective results with greater accuracy and speed available in an easy-to-understand reporting format.
“We’ve been working with motorcycle retailers and lenders to make this happen. Because of our systems and our experience, this has the added bonus of ensuring not only that the new FCA guidelines are met but also data protection and consumer rights laws and regulations. All compliance needs are collected in one place.”
A key result for dealers is ensuring they have a fair and transparent panel of lender products to offer customers, demonstrating appropriate processes and values to the end consumer. They will largely rely on IT systems providers in both showrooms and digital spaces to provide data such as audit trails that capture and can show matched sales across lender panels; data on market finance rates to ensure dealer offers remain competitive; and sufficient insight across all of their lending partners to produce an accurately representative sample.
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